When I started talking about pricing in yesterday’s post, I didn’t know it was going to turn into a series. But after writing most of the post, I realized what a HUGE topic this really is and how much we tend to struggle with it.
I think those who struggle the most are the people who offer intangible/virtual services. There’s just something about a tangible product that you can hold, touch, eat, wear, etc. that makes us tend to bypass the act of haggling. Wouldn’t you agree?
As I mentioned in the post yesterday, I scoured the internet looking at what other people were charging. I looked at their portfolios to see if we were offering similar types of products, and I read so many “work with me” pages that my eyes nearly popped outta my head! But as I said before, you just have to make a decision and GO. Then, of course, analyze/increase/decrease as you and your business progress.
I really AM going to talk about haggling, but before I get to that (which will be in a separate post – ahhh, who doesn’t love a good mystery?), I wanted to share some resources with you that might stimulate your pricing strategy.
This article breaks down price anchoring, hourly vs. project pricing, value-based pricing and more. The link may take you to a screen with a short ad, which you can skip as soon as you get onto the page. It’s well worth the read!
Derek Halpern is a freaking rock star! All of his material is great, but I really LOVED this video where he shares the “Dumb Pricing Mistake People Make.” He’s just fun to watch – with his charismatic personality and passion for helping entrepreneurs. In this short video, he talks about a product Williams Sonoma unveiled that actually helped ramp up the sales of a different product that wasn’t selling very well. This wasn’t really part of their plan, but the lesson learned was invaluable!
There are millions of resources out there on this massive topic of pricing. I invite you to share some of your favorites in the comments below.